New Name Leverages Strength, Scale and Brand of AIGVALIC Implemented the First 403(b) Retirement Plan for a Public School in 1964
HOUSTON, March 20, 2019 — VALIC, a leading retirement plan provider for healthcare, K-12, higher education, government, religious, charitable and other not-for-profit organizations, will now be known as AIG Retirement Services.
“The name change to AIG Retirement Services allows us to fully leverage the strength, scale and brand of our parent company, AIG, a Fortune Global 500 leader with deep experience in retirement and financial services that is celebrating 100 years of serving customers,” said Rob Scheinerman, President, AIG Retirement Services. “While our name is changing, the goal that has defined our business since writing the first 403(b) plan for a public school remains the same—to help those who serve others plan for and achieve the financial futures they desire.”
With over $230 billion in retirement assets under management, AIG (NYSE: AIG), helps more than 3 million Americans prepare for retirement.* The AIG brand will provide greater recognition in the marketplace and among plan sponsors, consultants and retirement plan participants.
“AIG Retirement Services has focused on helping our customers achieve retirement readiness for more than 60 years,” continued Scheinerman. “We’re excited to build upon our legacy and help plan sponsors envision more for their plans and their employees’ futures. Through our powerful technology paired with more than 1,250 trusted advisors, smart use of data to enhance plan health, and a more personal experience, we help sponsors optimize their plans and improve retirement outcomes for employees.”
Powerful Technology Paired with Trusted Advisors
AIG Retirement Services offers retirement plan participants and sponsors access to powerful technologies that can greatly improve retirement readiness. FutureFIT® is AIG’s proprietary participant experience offering a highly personalized digital platform that encourages engagement and action through guidance, education, tools and behavioral science principles. Retirement Pathfinder is an innovative retirement readiness tool that enables employees to sit down with an advisor and map out the future they envision, including real-time answers to key retirement-related questions such as: Can I retire when I plan? Am I currently saving enough? How much monthly income will I need? Will I outlive my savings? These tools are complemented by local advisors who help employees develop holistic financial plans when and where it best meets the employees’ needs, whether at work, at home or online.
Smart Use of Data Analytics to Enhance Plan Health
AIG Retirement Services offers robust data analytics to help plan sponsors drive better employee engagement and improved participant outcomes. This includes SponsorFIT®, a comprehensive online experience that transforms how plan sponsors access and interact with their retirement plan, whether it’s creating custom reports, reviewing plan data or trends to turn insights into action, or customizing specific strategies to help improve retirement readiness and financial wellness among employees.
A More Personal Experience to Help Employees Achieve the Retirement They Desire
By making finances personal, understandable and accessible, employees can gain greater confidence, which encourages them to plan, save and envision more for their retirement. AIG Retirement Services provides every generation with information tailored by life stage to address the decisions they are most likely facing, as well as personalized FutureFIT statements that offer a snapshot of how much income they’ll need at retirement and steps they can take to improve their retirement readiness.
“By pairing high-tech with high-touch, AIG Retirement Services provides plan participants with access to valuable education, advice and guidance, however and whenever they prefer,” said Scheinerman. “Our interactive digital programs like FutureFIT, SponsorFIT and Retirement Pathfinder are powerful tools for participants and sponsors, and when coupled with our local advisors, help close the gap between retirement dreams and reality.”
AIG Retirement Services includes the VALIC family of companies which are not changing their legal names: The Variable Annuity Life Insurance Company and its subsidiaries, VALIC Financial Advisors, Inc. and VALIC Retirement Services Company.
The renaming to AIG Retirement Services will be phased in throughout 2019. The way clients work with the company with respect to customer accounts, policies or service will not change as a result of renaming.
Click here to watch a brief video outlining the name change to the company’s plan sponsor clients.
About AIG Retirement Services
For more than half a century, AIG Retirement Services has served as a leading defined contribution retirement plan provider for tax-exempt and public sector employers, including healthcare, K-12, higher education, government, religious, charitable and other not-for-profit organizations. AIG Retirement Services includes the VALIC family of companies: The Variable Annuity Life Insurance Company and its subsidiaries, VALIC Financial Advisors, Inc. and VALIC Retirement Services Company. Additional information can be found at www.aig.com/RetirementServices. Additional information about AIG Life & Retirement can be found at www.linkedin.com/showcase/aig-life-&-retirement.
American International Group, Inc. (AIG) is a leading global insurance organization. Building on 100 years of experience, today AIG member companies provide a wide range of property casualty insurance, life insurance, retirement solutions, and other financial services to customers in more than 80 countries and jurisdictions. These diverse offerings include products and services that help businesses and individuals protect their assets, manage risks and provide for retirement security. AIG common stock is listed on the New York Stock Exchange.
Additional information about AIG can be found at www.aig.com | YouTube: www.youtube.com/aig | Twitter: @AIGinsurance www.twitter.com/AIGinsurance | LinkedIn: www.linkedin.com/company/aig. These references with additional information about AIG have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release.
AIG is the marketing name for the worldwide property-casualty, life and retirement, and general insurance operations of American International Group, Inc. For additional information, please visit our website at www.aig.com. All products and services are written or provided by subsidiaries or affiliates of American International Group, Inc. Products or services may not be available in all countries, and coverage is subject to actual policy language. Non-insurance products and services may be provided by independent third parties. Certain property-casualty coverages may be provided by a surplus lines insurer. Surplus lines insurers do not generally participate in state guaranty funds, and insureds are therefore not protected by such funds.
*Figures include AIG’s Life & Retirement defined contribution, annuity and mutual fund businesses. AIG Retirement Services represents AIG member companies including The Variable Annuity Life Insurance Company (VALIC) and its subsidiaries VALIC Financial Advisors, Inc. (VFA) and VALIC Retirement Services Company (VRSCO).